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Structural changes in the cointegrated vector autoregressive model

Hansen, Peter Reinhard - 2001

This paper generalizes the cointegrated vector autoregressive model of Johansen (1988) to allow for structural changes. Estimation under various hypotheses is made possible by a new estimation technique, that makes it simple to derive a number of interesting likelihood ratio tests. E.g., the...

Persistent link: https://www.econbiz.de/10010318949

Marginal contributions and externalities in the value

De Clippel, Geoffroy; Serrano, Roberto - 2005

Our concern is the extension of the theory of the Shapley value to problems involving externalities. Using the standard …

Persistent link: https://www.econbiz.de/10010318952

Pareto improving monetary policy in incomplete markets

Turner, Sergio; Tumennasan, Norovsambuu - 2006

We show that for generic economies, every equilibrium admits Pareto improving monetary policy, even with multiple commodities per state. The main assumption is that asset incompleteness be intermediate, in that household heterogeneity does not exceed the number of assets present and absent. We...

Persistent link: https://www.econbiz.de/10010318953

A comparison of the average prekernel and the prekernel

Serrano, Roberto; Shimomura, Ken-ichi - 2001

We propose positive and normative foundations for the average prekernel of NTU games, and compare them with the existing ones for the prekernel. In our non-cooperative analysis, the average prekernel is understood as the equilibrium payoffs of a game where each player faces the possibility of...

Persistent link: https://www.econbiz.de/10010318958

Markets and contracts

Bisin, A - 2001

Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete...

Persistent link: https://www.econbiz.de/10010318960

Lavish returns on cheap talk: Non-binding communication in a trust experiment

Ben-Ner, Avner; Putterman, Louis; Ren, Ting - 2007

We let subjects interact with anonymous partners in trust (investment) games with and without one of two kinds of pre-play communication: numerical (tabular) only, and verbal and numerical. We find that either kind of pre-play communication increases trusting, trustworthiness, or both, in...

Persistent link: https://www.econbiz.de/10010318961

Unemployment and indeterminacy

Nakajima, Tomoyuki - 2003

Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is shown that the less unemployment insurance is, the more likely equilibrium is to be indeterminate. Equilibrium can be indeterminate even without externalities or increasing...

Persistent link: https://www.econbiz.de/10010318962

Natural selection and the origin of economic growth

Galor, Oded; Moav, Omer - 2000

This research develops an evolutionary growth theory that captures the interplay between the evolution of mankind and … economic growth since the emergence of the human species. This uni…ed theory encompasses the observed evolution of population … theory suggests that prolonged economic stagnation prior to the transition to sustained growth stimulated natural selection …

Persistent link: https://www.econbiz.de/10010318963

Federalism and the optimal degree of centralization of public goods

Kolmar, Martin - 2001

In this paper we analyze the optimal degree of centralization for the supply of public goods. We identify the reliance on an exclusion mechanism as a central feature of the decentralized provision of public goods. An exclusion mechanism induces a contest between users of the public goods who...

Persistent link: https://www.econbiz.de/10010318964

Darwinian evolution of entrepreneurial spirit and the process of development

Galor, Oded; Michalopoulos, Stelios - 2006

This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the evolution of inequality within and across societies. The study argues that entrepreneurial spirit evolved nonmonotonically in the course of human...

Persistent link: https://www.econbiz.de/10010318965